The limit for 2018/19 is £40,000, although there are now special rules for those higher earners earning in excess of £100,000 per annum. Please contact your Fund administrator if you believe you might be impacted by the annual allowance.

There is also a lifetime allowance which limits the amount you can accumulate free of tax in all your pension arrangements when you come to take your benefits. The allowance for 2018/19 is £1.03 million.

You can get more information about tax allowances for both the annual and lifetime allowance from HMRC.

Pensioners

You may still have to pay tax on your income when you start to take your pension.